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Report No. : |
327814 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED CARD SYSTEMS LTD. |
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Registered Office : |
Unit 2010-2013, 20/F., Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon
Bay, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
31.10.1995 |
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Com. Reg. No.: |
19543413 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of PC-linked Smart Card Readers. |
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No. of Employees : |
365 [Group Employee As At 31.12.2014] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. The Hong Kong government is promoting the
Special Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 12.5% of total system deposits in Hong
Kong by the end of 2014. The government is pursuing efforts to introduce
additional use of RMB in Hong Kong financial markets and is seeking to expand
the RMB quota. The mainland has long been Hong Kong's largest trading partner,
accounting for about half of Hong Kong's total trade by value. Hong Kong's
natural resources are limited, and food and raw materials must be imported. As
a result of China's easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 47.3 million
in 2014, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% of
the Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than
4.4% in 2014. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong
Kong and the mainland. The new measures, effective from March 2015, cover a
negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
Credit Border Line: Good
for credit of US$300,000 or less.
ADVANCED CARD
SYSTEMS LTD.
ADDRESS: Unit 2010-2013,
20/F., Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay,
Kowloon, Hong Kong.
PHONE: 852-2796
7873
FAX: 852-2796
1286
EMAIL: info@acs.com.hk
Managing Director: Ms. Tsui Kam
Ling
Incorporated on: 31st October, 1995.
Organization: Private Limited
Company.
Issued Share Capital: HK$18,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Group Revenue: HK$246.3 million (Year ended 31-12-2014)
Group Employees: 365. (As at 31-12-2014)
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADVANCED CARD
SYSTEMS LTD.
Registered Head
Office:-
Unit 2010-2013, 20/F., Chevalier Commercial Centre, 8 Wang Hoi Road,
Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Advanced Card Systems Holdings Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
ACS Technologies (Shenzhen) Ltd., China.
ACS Technologies Ltd., Hong Kong.
Advanced Card Systems Japan Ltd., Japan.
Goldpac ACS Technologies Inc., Philippines.
Logyi Ltd., China.
TaptoPay International Ltd., Hong Kong.
TaptoPay Ltd., Hong Kong.
Teczo.com Ltd., Hong Kong.
19543413
0529506
Managing Director: Ms. Tsui Kam
Ling
HK$18,000,000.00
(As per registry dated 31-10-2014)
|
Name |
|
No. of shares |
|
TSUI Kam Ling |
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1 |
|
Advanced Card Systems Holdings Ltd. Ugland House, P.O. Box 309, George Town, Grand Cayman, Cayman Islands,
British Virgin Islands. |
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17,999,999 |
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|
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––––––––– |
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Total: |
18,000,000 ======== |
(As per registry dated 30-03-2015)
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Name (Nationality) |
Address |
|
WONG Chi Ho |
Room B, 1/F., Block 5, Jilimount Garden, Tai Wai, Shatin, New
Territories, Hong Kong. |
|
WONG Chi Kit |
Room A, 3/F., Choi Ngan Yuen, 1 Shan Kwong Road, Happy Valley, Hong
Kong. |
|
TSUI Kam Ling |
Room B, 1/F., Block 5, Julimount Garden, Tai Wai, Shatin, New
Territories, Hong Kong. |
(As per registry dated 31-10-2014)
|
Name |
Address |
|
LAI Yuen Yee |
Flat C, 48/F., Tower M9, Yoho Midtown, Yuen Long, New Territories,
Hong Kong. |
The subject was incorporated on 31st October, 1995 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Smart World
Enterprises Ltd., name changed to the present style on 16th May, 1996.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: PC-linked
smart card readers.
Brand Names: “ACS”,
SIMmate 2000”, “Smartcard PRO” and “TAPTOPAY”.
Group Employees: 365. (As at 31-12-2014)
Commodities Imported: Hong Kong,
China, Europe.
Markets: Worldwide
countries.
Group Revenue: HK$ 93.7 million
(Year ended 31-12-2010)
HK$117.5
million (Year ended 31-12-2011)
HK$160.9 million (Year ended 31-12-2012)
HK$194.4 million (Year ended 31-12-2013)
HK$246.3 million (Year ended 31-12-2014)
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$18,000,000.00
Group Profit: HK$ 4.4 million (Year ended 31-12-2010)
HK$
5.1 million (Year ended
31-12-2011)
HK$16.9 million (Year ended 31-12-2012)
HK$23.2 million (Year ended 31-12-2013)
HK$23.7 million (Year ended 31-12-2014)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Advanced Card Systems Ltd. is a wholly-owned subsidiary of Advanced Card
Systems Holdings Ltd. [ACSH/Group] which is a BVI-registered company.
The subject is a Hong Kong-based company founded by Denny Wong in
1995. ACSH is a publicly listed company
on the Hong Kong Stock Exchange.
The subject develops smart cards, smart card readers and related
products, and distributes them to over one hundred countries. It was ranked by Frost & Sullivan as one
of the world’s top 3 suppliers and Asia Pacific’s top supplier of PC-linked
Smart Card Readers. In 2010, it was
listed among Forbes Asia’s “Best Under a Billion”, a prestigious list of 200
top-performing companies with sales between US$5 million and US$1 billion,
selected from 12,930 publicly listed enterprises in Asia Pacific.
The year 2014 was a rewarding year for ACSH as the Group has achieved a
good performance in all aspects of its businesses. It was honoured by inclusion within Forbes
Asia’s “Best Under a Billion” list, the second time for the Group to achieve
this prestigious ranking since 2010. In
2014, the Group reported a record high sales revenue of HK$246 million,
representing an increase of 27% over the same period last year. Gross profit and net profit also rose 8% and
2% to HK$122 million and HK$24 million respectively.
Its business in the Asia Pacific region performed well with a remarkable
revenue growth of 73%. As more than 60%
of its headcount is R&D talent spread across Manila, the PRC, and Hong
Kong, the Group has been investing heavily in R&D to prepare for better
future growth by entering into larger market segments of the smart card
industry. Therefore, its R&D expenses have increased by 17% in 2014.
With two decades of experience, ACSH is one of the major suppliers of
PC-linked readers. Its sales revenue generated
from smart cards more than doubled compared to 2013. During the year of 2014, the Group has
secured several impressive projects. For
example, ACSH was chosen as the smart card supplier for a social security smart
card project in Ghana, a western African country. The Group supplied 1.7 million units of smart
card, which is capable of securely storing and processing sensitive information
for managing pensions and similar forms of national social insurance. Furthermore, it is capable of supporting
public key infrastructure applications, which would facilitate long-term plans
of the government to use the card for a wider variety of government services.
The Group has steadily increased its presence in important regions
globally. In 2012, a new office was opened in Japan, and in 2013, a new office
was opened in the USA. These offices
have since provided the Group with new opportunities and business
potentials. In 2014, the Group has
strengthened its presence in the Philippines and the PRC, through the
successful implementation of its retail, loyalty, and payment solution for SM
and the acquisition of certain business assets of Daming Wuzhou which is in
China respectively.
As at 31st December 2014, the Group had 365 full time employees.
As the history of the subject is over 19 years in Hong Kong, on the
whole, consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.